Lamb Weston Holdings plans to save at least $250m, affecting jobs amid investor pressure. CEO Mike Smith targets $200m in annual savings and $120m in working capital improvements by 2027. Last year, the company slashed profit targets, closed a US plant, and cut jobs. The savings plan includes 4% of the workforce.

Net income fell 51% to $357.2m, with flat net sales at $6.45bn. Fourth-quarter net income dropped 7%, but rose 8% on an adjusted basis. CEO Smith noted growth in the second half of the year and strong customer momentum. Analyst Alexia Howard praised the company’s “very solid” fourth-quarter results with strong volumes and cost containment.

Read more at Yahoo Finance: Lamb Weston sets out savings quest